reciprocity

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Balance of Concessions

An agreement in which one country reduces tariffs on its imports from another country in exchange for an equivalent, or at least similar, reduction from the second country. The balance of concessions is intended to stimulate international commerce between the two countries. It is also called reciprocity or simply a concession.

reciprocity

A mutual agreement to accept another's judgment on a matter.Some states offer reciprocity of real estate licensing,so that an agent or broker licensed in one state may become licensed in another without meeting the minimum education,testing,or apprenticeship requirements.